You are here: Home » Current Affairs » News » National
Business Standard

India needs $2.5 trillion to meet its 2030 climate change targets: Centre

The current financial year allocation for two climate change schemes on climate change is Rs 1.41 billion

Climate Change

Press Trust of India  |  New Delhi 

climate change
Photo: Shutterstock

India would need at least $2.5 trillion to meet its 2030 targets, the Lok Sabha was informed on Friday.

"As per the country's Nationally Determined Contribution (NDC) submitted to the United Nations Framework Convention on (UNFCCC) in 2015, at least $2.5 trillion (at 2014-15 prices) will be required to meet its 2030 targets," Minister of State for Environment Mahesh Sharma said in a written reply.

Noting that efforts were embedded in various schemes of ministries, the minister said the total fund allocation for eight missions of Action Plan on Climate Change (NAPCC) during the 12th Five Year Plan period was Rs 158 billion.

The current financial year allocation for two such schemes on climate change is Rs 1.41 billion, he said.

International funding for climate action is made available through channels under UNFCCC, primarily from the Green Climate Fund (GCF), Adaptation Fund and Global Environment Facility (GEF), Sharma informed the House.

"So far, two projects from India have been approved by GCF with an outlay of $134.4 million. Under the Adaptation Fund, six projects have been approved with an outlay of $9.8 million, out of which $1.62 million have been transferred.

"During 2014-18, the GEF has allocated funds to the tune of $59 million, through GEF agencies, to support projects related to climate change," Sharma added.

First Published: Fri, March 16 2018. 23:19 IST